how much life insurance do you needed?

 

208 CHAPTER 11/ LIFE INSURANCE EXHIBIT 11.1 How Much Life Insurance Do You Need? What You Will Need Cash needs Funeral costs Uninsured medical hills Installment debts Probate costs Federal estate taxes State inheritance taxes Total estate clearance fund Income needs Readjustment period Dependency period Life income to surviving spouse Retirement income Total income needs Special needs. Mortgage redemption fund Emergency fund College education fund Total special needs Total needs What You Have Today Checking account and savings Mutual funds and securities IRAS and Keogh plan Section 401(k) plan and employer savings plan Private pension death benefit Current life insurance Other financial assets Total assets Additional life insurance needed Total needs Less total assets Additional life insurance needed Jennifer Smith S 15,000 5,000 12,000 3,000 0 0 24,000 180,000 0 0 200,000 50,000 150,000 Jennifer Smith $ 10,000 35,000 20,000 40,000 0 60,000 0 $ 35,000 $ 204,000 $ 400,000 $ 639,000 $ 165,000 $ 639,000 165,000 $ 474,000 Your Needs $ Your Act 5 S Scanned by CamScanner